Reliance Financial Corp., a privately held financial services and wealth management company, announced it closed its previously announced agreement to acquire 100 percent of the stock of Citigroup Trust-Delaware, merging Citigroup Trust-Delaware, N. A., into Reliance Trust Company of Delaware and opening five new office locations across the United States.
“We could not be more pleased with the transaction and are excited to serve our new clients,” said Michael Roberts, executive vice president of Reliance Trust and president of Reliance Trust Company of Delaware. “Our five new locations are open for business today and we are thrilled to have all 30 of the Citi employees join Reliance and continue to service these clients.”
The transaction consisted of approximately 2,500 accounts and $1.5 billion in assets under administration and firmly positions Reliance as a national provider in the advisor-based fiduciary services market. Reliance Trust Company of Delaware’s new locations include: Los Angeles, Calif.; Irving, Texas; Phoenix, Ariz.; Palm Beach Gardens, Fla.; and Jersey City, N.J. Additional locations include Wilmington, Del. (main office), Atlanta, Ga. and Charlotte, N.C.
“This acquisition allows us to continue our focus on the institutional marketplace and will strengthen our competitive position as a leading national trustee,” added James T. Maxwell, CEO of Reliance Financial Corporation. “It also increases our market share and reflects Reliance’s standing as a leading provider of advisor-based fiduciary services in the Delaware market and nationally.”
“Our personal trust delivery platform is built to provide our clients with a high level of personalized service and we look forward to rolling out our
